The Blockchain ETF crazes: Will Canada lead the way?

Canada securities regulators approve their 1st  Blockchain EFT

The Ontario Securities Commission has given approval to launch the first Blockchain ETF in Canada. The blockchain exchange-traded fund will initiate in the Toronto Stock Exchange next week under the symbol ‘HBLK’.

According to filings the intention is to provide potential investors in Canada a chance to purchase and be involve in the blockchain technology sector. The company hopes for the ETF to track blockchain technology projects, similar to that of Harvest Blockchain Technologies Index.

Canada continues to fuel blockchain innovation and competitiveness and in the fall of 2017 the Canada’s Information and Communications Technology Council (ICTC) announced a new initiative to strengthen Canada’s digital advantage by developing a blockchain ecosiste nationwide.

Announced in collaboration with ColliderX, the Blockchain Association of Canada; and the Blockchain Research Institute, the initiative is expected to boost the Canadian market blockchain to $ 2.5B (CAD) and create about 107,700 jobs.

“Canada is a leader in blockchain technology, but its critical we take action to maintain our digital advantage for years to come,” said Blockchain Research Institute Co-Founder and Executive Chairman Don Tapscott. “This initiative is one of the critical ways we can assure Canada leads the second era of the digital revolution.”

It’s getting harder to ignore the fact that blockchain is on the rise, particularly as more banks and financial institutions are adopting the technology faster than anticipated.

At least 50 firms tied to blockchain and cryptocurrencies are set to list on Canadian stock exchanges. Canada has at least eight cryptocurrency-related stocks are now trading in Canada.

Here are some of Canada’s junior market listed companies in the Blockchain ecosystem to watch:

Further, Canada is emerging as a hub for bitcoin and cryptocurrency stocks. Canada has a capital markets ecosystem that supports small companies, particularly on the TSX Venture Exchange. While that system has supported miners and oil and gas companies in the past, the marijuana industry has surged to a market value of more than C$17 billion (US$13 billion) ahead of recreational legalization in July.

Horizons ETFs Management (Canada) Inc., also launched Canada’s first marijuana ETF (Horizons Medical Marijuana Life Sci ETF (HMMJ), and is no stranger to emerging sectors.

Earlier this month, the U.S. Securities and Exchange Commission ordered about a dozen Bitcoin ETF filings to be withdrawn and asked the industry to answer 31 questions relating to security, liquidity and valuation that it says need to be cleared up before any funds can be started.

The United States launched its first blockchain for trading ETFs, on NASDAQ and NYSE Arca in January 2018.

Please read the US SEC Public Statement on Cryptocurrencies and Initial Coin Offerings

Tony Sklar, Sr. Technology Reporter

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